-Mortgage applications have been falling for the past three weeks
-The 30-year fixed mortgage rate has risen to its highest level since November of last year
-The average rate for a 15-year mortgage also rose, hitting 6.62%
As mortgage rates continue to rise, we’re seeing fewer and fewer people applying for new loans. The average 30-year fixed mortgage rate is now 7.09%, the highest it’s been since November of 2022. Rates for 15-year mortgages have also gone up, hitting 6.62%.
This trend is likely to continue as we head into the summer months. If you’re considering buying a home or refinancing your existing mortgage, you may want to act soon to lock in a lower rate.
You can read this full article at: https://www.housingwire.com/articles/mortgage-applications-fell-another-3-1-last-week/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.